Morrisville’s Town Council recently approved further work toward a solar energy project to be installed on one of the Town buildings. Morrisville has been collaborating with an intern from UNC’s Institute for the Environment to assist in the initial phases of project investigation, and has now retained the Appalachian Institute for Renewable Energy (AIRE) to assist in project development and implementation via an innovative social finance model.
Morrisville is now working with AIRE to identify a small group of investors to take initial ownership of the system. These investors would benefit from the substantial tax incentives available for renewable energy that, as a nonprofit entity, Morrisville cannot.
By creating a mutually beneficial partnership between private investors and public interests, AIRE’s social finance model is a “win-win” for all parties. Ideal investors can expect to make a modest return on their investment in 5-6 years while making a charitable donation. The Town will then enjoy a profit stream via electricity sales for an additional ~20 years after taking ownership of the system.
AIRE seeks to start a dialogue with Morrisville community members that are interested in learning more. There will be an interest meeting at 7:00 PM on Wednesday, July 11th at Morrisville Town Hall (100 Town Hall Drive, Morrisville, NC 27560). The meeting is open to all.
Click here to view AIRE's Outreach Packet
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